GAW / Josh Garza discussion Paycoin XPY xpy.io ION ionomy. ALWAYS MAKE MONEY :) - page 2188.

suchmoon

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https://bpip.org

Quote from: WayForward on December 13, 2014, 09:41:14 PM

Quote from: suchmoon on December 13, 2014, 12:16:14 PM

Quote from: WayForward on December 13, 2014, 11:51:48 AM

Quote from: seedtrue on December 13, 2014, 11:48:50 AM

Maybe the extra premine is so they can manually add coins to peoples hashstakers lol. Thats the reason they could stake 400%(or something) better than a normal wallet. Roll Eyes

If you had an account you would know we already got paid this via hashpoints. The points are tokens to be exchanged into coins. Everyone knows this and the other day we all got credited HP equivalent to 1 coin/per prime convert

Here is a math exercise:

Assuming there are 120k Prime hashlets in existence, and almost everyone was mining HPs for ~4 extra weeks at ~30 points per day average (let's assume double dip too) and got the bonus coin for conversion:

(in thousands) 120 * 30 * 28 / 400 + 120 = 372

Let's be generous and assume all the other hashlets mined about as much. That's still less than a million coins in bonuses. The extra premine was 6.5. Do we really believe there was an mysterious last minute investor DOUBLING the whole initial 5.5 million investment? Or if we believe GAW's own valuation, extra $100m+ out of nowhere? If someone really did that they should be pulling out right now, seeing the botched launch.

I seem to recall at the end of round 1 ico when we were in phase 2 Homero said a late large investor came to the table and they were gong to cut off round 3...so maybe...

I think that was the first 5.5 million. The additional 6.5 was added later.

Now I just read in that "initial paycoins" thread https://hashtalk.org/topic/22975 that 7.2 million coins are going to customers. That doesn't make any sense. I came up with less than a million coins above, that's for the additional 4 weeks. Before that hashpool was only active for two weeks and only Primes could mine, plus Zens for a few days. It can't add up to 7.2 million in any way that I can see.

So either I'm really bad with math, or the number of hashlets is 5-10 times larger than I'm estimating, or there is something else going on with the premine.

dropt

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Quote from: suchmoon on December 13, 2014, 09:44:00 PM

Quote from: NeonTranceBadger on December 13, 2014, 09:33:23 PM

Lol! The paycoin price is crashing on the coin-swap exchange.

It's still amazing that there was 8 BTC volume. I wonder if that much XPY was even deposited there. Maybe the same coins are changing hands multiple times, some weird day trading basically.

Just trade back and forth to yourself at whatever rates you want.

dropt

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Quote from: coinmaster222 on December 13, 2014, 09:25:23 PM

I dont think it was Gaw did not want to share,its more I dont think they accounted for private miners to throw more hash rate at the pool than them

See, that's one of the points where this all falls apart. Josh claimed on a number of occasions that a number of "larger private farms" were going to mine Paycoin. Maybe that was just BS, but either way, he should have been prepared. Further, why did the chain stall? If the chain forks, then the smaller chain should automatically be abandoned in favour of the larger chain, should it not? And what's with all this unexpected hashpower? Doesn't GAW claim to have around 40PH or something? Aren't they claiming that they're going to mine their Paycoin alongside everyone else during the PoW? Why didn't all of that show up? Why could they not have stress tested their testnet coin with the PH upon PH they already own?

None of this shit adds up.

WaffleMaster

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Quote from: wdl1908 on December 13, 2014, 04:11:13 PM

Quote from: suchmoon on December 13, 2014, 03:52:06 PM

Quote from: wdl1908 on December 13, 2014, 03:39:59 PM

The way they are going to control the price is already interesting. I found that out from some comments posted yesterday. Paybase is the so called leader of the price control. It will have a set price and arbitrage will take care of the rest. Why sell something for $10 when you can get $20 in paybase. It will be rocky at first and some exchanges will have higher or lower prices but it the end it will stabilize.

They would still need a sizable "floor" to support the price. Do they really have $100m of investors' money to do that? Why was hinted multiple times that HashStaker sales revenue etc go into the floor. Doesn't that worry you - taking money from customers to pay them back when they dump the coin?

Yes there is a risk involved like in all exchanges. But I think the solution is there too. What about the people that don't have paycoin or don't have subscribed to the hashbase and the "mining/staking" they will buy paycoin or btc to put in their wallets . So paycoin needs to be sold at a certain price and will that will again go into the funds to support the price. i think the floor will have several incomes like the stakers someone buying paycoin etc.... I'v seen several people ask if it would be possible to send their paycheck there. I know some people here find this stupid but think about it. Send your money there and you can use that in whatever means paybase will use to pay the merchant or pay bills with. What if you could pay your taxes with BTC or for that matter with any crypto without incurring large bank transfer costs. What if I wanted to pay something in JPY evenr tried that in a bank? This would be the ultimate exchange any currency in and you really don't need to worry about how the payment is being made to the party you are paying.

Do you even know how much regulation an exchange like that would need, especially being based in the U.S.? Are you really that blind? Nobody has done that before because you would need to have huge negotiations with all the governments that you want to use their fiat for exchanging. SEC PLEASE HELP.

suchmoon

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https://bpip.org

Quote from: NeonTranceBadger on December 13, 2014, 09:33:23 PM

Lol! The paycoin price is crashing on the coin-swap exchange.

It's still amazing that there was 8 BTC volume. I wonder if that much XPY was even deposited there. Maybe the same coins are changing hands multiple times, some weird day trading basically.

WayForward

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Quote from: suchmoon on December 13, 2014, 12:16:14 PM

Quote from: WayForward on December 13, 2014, 11:51:48 AM

Quote from: seedtrue on December 13, 2014, 11:48:50 AM

Maybe the extra premine is so they can manually add coins to peoples hashstakers lol. Thats the reason they could stake 400%(or something) better than a normal wallet. Roll Eyes

If you had an account you would know we already got paid this via hashpoints. The points are tokens to be exchanged into coins. Everyone knows this and the other day we all got credited HP equivalent to 1 coin/per prime convert

Here is a math exercise:

Assuming there are 120k Prime hashlets in existence, and almost everyone was mining HPs for ~4 extra weeks at ~30 points per day average (let's assume double dip too) and got the bonus coin for conversion:

(in thousands) 120 * 30 * 28 / 400 + 120 = 372

Let's be generous and assume all the other hashlets mined about as much. That's still less than a million coins in bonuses. The extra premine was 6.5. Do we really believe there was an mysterious last minute investor DOUBLING the whole initial 5.5 million investment? Or if we believe GAW's own valuation, extra $100m+ out of nowhere? If someone really did that they should be pulling out right now, seeing the botched launch.

I seem to recall at the end of round 1 ico when we were in phase 2 Homero said a late large investor came to the table and they were gong to cut off round 3...so maybe...

Quote from: suchmoon on December 13, 2014, 01:12:24 PM

Looks like Daffy is done:

https://hashtalk.org/topic/7611/hashtalk-safe-room/2786

Quote

Daffy
Paycoin Origin
Well it's been enough. I give up. I had enough. The way this whole thing has turned out. And this was the last straw. http://pastebin.com/53ScMZfb

Bye Bye all.

Fuck Daffy, looks like the money is drying up to pay off people in the community, first allen1980 and this guy.

Redacted starting this leaving shit after he had a cry about not being able to down vote - and what do you know down votes come back so now all these other paycoin origin peeps are leaving and throwing a hissy fit about something hoping to get it. That is what the forum community has come down to - complaining hard till they get their way. It just they all complain about the wrong things.

coinmaster222

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I know nothing about Gaw but bought a few primes to convert lets just see what happens before we declare it shit.

Liquid71

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There is NO Freedom without Privacy

Quote from: coinmaster222 on December 13, 2014, 09:22:15 PM

The 12 million was taken from the genesis block !!

and they were distributed like candy to the investors? Did Homero personally hand them shiny new paycoins?

NeonTranceBadger

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Lol! The paycoin price is crashing on the coin-swap exchange.

dekay

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my customers lov me 5 dollar grams AAA+ QUADRO josh im the rl hash king u got beef?

jp333

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Quote from: suchmoon on December 13, 2014, 08:59:50 PM

Quote from: jp333 on December 13, 2014, 08:51:40 PM

how can you tell if you're shadow banned at ht? I can't seem to post anymore.

Shadow banning would allow you to post, but nobody would see your posts.

Try from another computer/phone/etc or just log out. If you can't see your posts when you're not logged in - you're shadow banned.

It fixed itself. I must have had to clear the cache Roll Eyes

coinmaster222

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I dont think it was Gaw did not want to share,its more I dont think they accounted for private miners to throw more hash rate at the pool than them

suchmoon

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https://bpip.org

Quote from: wpstudio on December 13, 2014, 09:19:56 PM

So riddle me this...

Josh says he has distributed most of the premine (12 million coins that went to wallet address PV4REZh7Uw8YsVpzHDPQdwENn2iToSw9GH) to his early investors.

Except there is a problem.

The blockchain has been stalled and NOTHING can move. You can't send coins anywhere. And if you go through the first 277 blocks you will find that nothing has moved from that address. (If they have and I missed it... just let me know which block number you have sent the coins to the investors on... or even a transactionID will also work.)

There are two options here.... Either Josh really doesn't understand crypto currency and how coins and transactions work on the blockchain... OR... there was no distribution of paycoins to investors and everything is still sitting in the original premine wallet.

So why do you tell people you have already distributed coins?

The blockchain of any coin does not lie and this is why I love crypto currency. The blockchain brings 100% transparency to the equation.

Did he say that the coins were distributed? I thought they were put in escrow, whatever that means. Maybe that is the escrow address but since we have no idea who is the escrow provider/agent/whatever it's meaningless anyway.

There you go:

https://hashtalk.org/topic/22975

60% to customers is obviously wrong. That's 7.2 million XPY, there is no way that many Hashpoints could be mined.

Edit: I read the whole thread and now I see where you're coming from. He backpedaled on escrow and said the coins have been sent to investors. Duh.

Quote

We were the escrow for the investors until they got their coins. So to them, we are the 3rd party. Hope that make sense

Nope, it doesn't. He can't count to 3 apparently.

Honeycutt22

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Quote from: wpstudio on December 13, 2014, 09:19:56 PM

So riddle me this...

Josh says he has distributed most of the premine (12 million coins that went to wallet address PV4REZh7Uw8YsVpzHDPQdwENn2iToSw9GH) to his early investors.

Except there is a problem.

The blockchain has been stalled and NOTHING can move. You can't send coins anywhere. And if you go through the first 277 blocks you will find that nothing has moved from that address. (If they have and I missed it... just let me know which block number you have sent the coins to the investors on... or even a transactionID will also work.)

There are two options here.... Either Josh really doesn't understand crypto currency and how coins and transactions work on the blockchain... OR... there was no distribution of paycoins to investors and everything is still sitting in the original premine wallet.

So why do you tell people you have already distributed coins?

The blockchain of any coin does not lie and this is why I love crypto currency. The blockchain brings 100% transparency to the equation.

I don't think he's lying... Not in this particular case... I think he just has no clue how crypto currencies work to be honest.. Now he's lied about a ton of other things, but this is just incompetance at work.

wpstudio

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Quote from: coinmaster222 on December 13, 2014, 09:22:15 PM

The 12 million was taken from the genesis block !!

Umm... no... The 12 million was the block reward for the 1st block. Clear as daylight in the main.cpp file - Just search for 'nSubsidy'

coinmaster222

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The 12 million was taken from the genesis block !!

wpstudio

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So riddle me this...

Josh says he has distributed most of the premine (12 million coins that went to wallet address PV4REZh7Uw8YsVpzHDPQdwENn2iToSw9GH) to his early investors.

Except there is a problem.

The blockchain has been stalled and NOTHING can move. You can't send coins anywhere. And if you go through the first 277 blocks you will find that nothing has moved from that address. (If they have and I missed it... just let me know which block number you have sent the coins to the investors on... or even a transactionID will also work.)

There are two options here.... Either Josh really doesn't understand crypto currency and how coins and transactions work on the blockchain... OR... there was no distribution of paycoins to investors and everything is still sitting in the original premine wallet.

So why do you tell people you have already distributed coins?

The blockchain of any coin does not lie and this is why I love crypto currency. The blockchain brings 100% transparency to the equation.

I_IZ_CEO

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CEO FlawMiners TM®

Quote from: coinmaster222 on December 13, 2014, 09:05:05 PM

Yes there are at least two I believe trading XPY one coin-swap and the forked chain was not GAWs fault after I looked at it,it was the vast amount of Hash power in the public pool that actually over took Gaws hash power so forked off to form a longer chain.

So gaw didnt want to share, they wanted it ALL. Oh ok that makes sense

coinmaster222

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Sorry for lack of punctuation but my other arm is in the middle east,why would I be talking to anybody I can work that out for myself.Pool the Gaw public pool but pools dont fork coins!!!! hashrate does

suchmoon

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https://bpip.org

Quote from: coinmaster222 on December 13, 2014, 09:05:05 PM

Yes there are at least two I believe trading XPY one coin-swap and the forked chain was not GAWs fault after I looked at it,it was the vast amount of Hash power in the public pool that actually over took Gaws hash power so forked off to form a longer chain.

Who are you talking to and can you add some punctuation?

I think you are saying there are two exchanges, what's the second one?

And some pool forked the coin? Which pool?

Topic: GAW / Josh Garza discussion Paycoin XPY xpy.io ION ionomy. ALWAYS MAKE MONEY :) - page 2188. (Read 3377790 times)